B2Gold Secures New US$350-million Revolving Credit Facility

B2Gold Corp. (TSX:BTO,NYSEMKT:BTG) announced that it’s secured a new US$350-million revolving credit facility (RCF). It is with a syndicate of international banks and will be used to pay off the company’s existing $200-million RCF and for general corporate purposes.

As quoted in the press release:

The New RCF also allows for an accordion feature whereby upon receipt of additional binding commitments, the facility may be increased to $450 million any time prior to the maturity date. HSBC, as Sole Lead Arranger and Sole Bookrunner, will act as the Administrative Agent. The syndicate includes The Bank of Nova Scotia, Société Générale and ING Bank N.V, as Mandated Lead Arrangers. Final closing of the facility and the availability of funds under it remains subject to completion of customary closing conditions and delivery of collateral.

The New RCF will bear interest on a sliding scale of between Libor plus 2.25% to 3.25% based on the Company’s consolidated net leverage ratio. Commitment fees for the undrawn portion of the facility will also be on a similar sliding scale basis of between 0.5% and 0.925%.

The term for the New RCF will be four years, maturing on May 20, 2019, except that it shall become due on July 1, 2018 in the event that the Company’s 3.25% Convertible Senior Subordinated Notes initially due on October 1, 2018 remain outstanding or the maturity date of the Convertible Notes has not been extended to at least 90 days after May 20, 2019.

Click here to read the full B2Gold Corp. (TSX:BTO,NYSEMKT:BTG) press release.